Turbines are machines that are used for extracting energy from several types of flows such as gas, steam, water, and wind, and converting it into usable forms of energy such as electricity. Some of the common types of turbines are windmills and waterwheels used for generating energy. Turbines are installed at several places to harness wind and tidal energy to generate electricity. In recent times, offshore windmill installation is observed to be a growing trend due to the consistent wind supply at several locations.

The types of turbines sold in the global turbines market are hydropower turbines, steam turbines, gas-based turbines, wind turbines, and nuclear turbines. The end users of these turbines are power generation companies, power storage units, the marine industry, and the aeronautics industry. Geographically, this market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Some of the top players operating in the global turbines market are Alstom S.A., Siemens Energy, General Electric Energy, Vestas Wind Systems A/S, Ballard Power Systems Inc., Ltd.., Goldwind Science & Technology Co., Ltd., and Sinovel Wind Group Co.

Siemens Agrees Deal with Mapna to Deliver 20 Gas Turbines

Reuters recently reported that Siemens signed an agreement with Mapna, an Iranian power and infrastructure group, to work on rail infrastructure in Iran. Under this agreement, Mapna will bring the technology of manufacturing Siemens F-class gas turbines to Iran. Furthermore, the collaboration will work towards delivering over 20 gas turbines and related generators in the coming decade. Such efforts by top players in the global turbines market are expected to propel the market as well as change the perspective on the energy solutions sought by nations across the world.

Global Turbines Market to Reach US$191.9 bn by 2020

According to a research report published by Transparency Market Research, the global turbine market was valued at US$135.7 bn in 2013. Analysts predict that this market will rise at a CAGR of 4.89% from 2014 to 2020 to reach US$191.9 bn by 2020. This growth will be attributable to the consistent power shortages and the mounting pressure on governments across the world to cater to the growing demand for energy from households and industries.

Growing Demand for Energy in Asia Pacific to Fuel Turbines Market

The global turbines market will also be fueled by new power plants being commissioned with steam and gas turbines. Furthermore, the flourishing renewable energy sector, as nations realize the urgency of diversifying energy portfolios and adopt renewable energy technologies, is also giving a push to the global turbines market. The global turbines market will also be fueled by the growing Asia Pacific market, which is being led by the emerging economies of China and India. In the coming years, the shifting perspective towards energy mixes and renewable energy solutions will define the pace of the global turbines market and its future in the larger scheme of things.